This month, a potential US debt ceiling crisis looms large over the crypto markets. However, despite the slight contraction, whales are buying some altcoins.
Major cryptocurrencies have suffered significant losses due to a 9% drop in crypto market capitalization in May 2023. In response, whales are turning their attention to the altcoin market.
On-chain data shows that crypto whales have been buying altcoins like AGIX, MATIC, and RNDR recently.
Will this whale buildup set the pace for a rally in these altcoins before June 2023?
AGIX whales discussing AI
SingularityNET (AGIX) first attracted mainstream media attention in early 2023 during the AI boom driven by the ChatGPT boom.
While most of the AI tokens recovered in January 2023 appear to have disappeared, the same cannot be said for AGIX.
Between May 11 and May 25, there was a significant accumulation of whales holding a balance of 1 million to 10 million AGIX tokens. The chart below shows how he added another 7 million AGIX to his balance during that period.
SingularityNET (AGIX) price vs cryptocurrency whale wallet balance. May 2023. Source: Sentiment
At the current market price of $0.26, the newly added coin is worth approximately $1.82 million. Notably, this group of whales represents 65% of the total circulating supply of AGIX.
This suggests that if they continue to buy, they could almost single-handedly trigger another AGIX price move.
Crypto Whales Are Gaining Trust in Polygon (MATIC)
Polygon (MATIC) price got off to a rocky start in May 2023, plunging 17% in the first 12 trading days. However, since hitting a recent local low of $0.83 on May 11, MATIC has managed to post 7% gains as of May 25.
The rise in DeFi staking and bullish activity from whale investors have played a significant role in Matic’s recent price recovery.
Specifically, a group of whales is leading the recovery mission with balances ranging from 1 million to 100 million MATIC.
As seen below, they bought 11.4 million MATIC tokens worth approximately $10.5 million between May 16-25.
Polygon (MATIC) price vs cryptocurrency whale wallet balance. May 2023. Source: Sentiment
Surprisingly, the chart above from Sentiment highlights how MATIC price soared when whales started buying around May 16.
Therefore, if this trend continues, Polygon (MATIC) holders can expect the current price rally to turn into a prolonged bull rally.
Large Investors Still Eyeing Render Token (RNDR)
Like SingularityNET (AGIX), Render Token (RNDR) first appeared on the mainstream media’s radar during AI season in January 2023.
Like AGIX, Render Token continues to consolidate early 2023 gains by getting off to a good start in Q2. Not surprisingly, RNDR continues to attract the attention of strategic whale investors.
The chart below shows that crypto whales holding between 100,000 and 1 million RNDR tokens have resumed buying since May 17.
Between May 17 and May 25, he added 59 lakh RNDR to his wallet balance.
Render token (RNDR) price vs cryptocurrency whale wallet balance. April 2023. Source: Sentiment
The newly added tokens are worth approximately $16.7 million at current market prices. Notably, this has helped propel RNDR to a new 2023 high of $2.67 by May 25, making its year-to-date gain a remarkable 575%.
If these strategic crypto whales continue to buy, RNDR is likely to continue its 2023 rally into June 2023.
Crypto whales are vital to the viability of any blockchain ecosystem because of their disproportionately vast financial power and the amount of liquidity they provide.
Additionally, retail investors often seek to reflect the trading activity of whales, increasing their influence on the underlying asset’s price.
It therefore goes without saying that strategic investors will be keeping an eye on the above altcoins as May 2023 approaches.
disclaimer
Disclaimer: In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and fair reporting, but market conditions are subject to change without notice. Always do your research and seek professional advice before making any financial decisions.
